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Blockchain-based travel company Nitecrawler has introduced its Nitecrawler Token (NCRL), launching its token economy, to streamline and optimize transparency in travel booking processes.

The token economy refers to the emerging economy revolving around the increased value, variety and proliferation of crypto assets.

The Nitecrawler booking platform is now active with the NCRL token and travelers will have the option to purchase a token for a price of $0.22. According to the company, it acts as the primary token for payment and settlement for accommodation and transaction tracking between customers and accommodation providers. The platform also accepts other cryptocurrency payments such as Bitcoin and Ethereum.

Additionally, the company stated that travelers would have the ability to earn the tokens by listing their homes on the platform. They will then be able to redeem tokens for travel experiences such as hotel stays and home rentals, as the company aims to create a "closed-loop token economy and traveler community".

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According to Nitecrawler CEO Neil Valentine: "The online travel system is hopelessly broken, and users and hotels have suffered. Travel metasearch engines offer results that are stacked with ads and intentionally complicate the search process, so users typically need 38 site visits to book a trip.

"The travel industry has consolidated to just a few big conglomerates, so no matter who users think they are buying from, options are limited with brands are all sourcing their rentals, tickets and hotel inventory from the same well."

The Nitecrawler platform is developed on the Ethereum blockchain and, according to Valentine, blockchain's weight within the travel booking system will provide transparency in booking process.

In a statement, the company said: "Anyone who has access to the internet can view the entire transaction history, so users can easily see how much rooms and flights are costing others creating, based on the fully stacked price with no hidden fees. This transparency is a great step toward a trusting travel community."

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